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Jobless Recovery

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OPINION
December 9, 2001 | DAVID FRIEDMAN
As the Dow Jones industrial average peaked above 10,000 last week despite news of worsening consumer confidence and continuing job losses, the United States appears increasingly likely to return to the divisive politics of the 1990s' "jobless recovery." Then, extremely low interest rates drove money into stocks and brought about a largely paper economic recovery. Beyond Wall Street, jobs and wages stagnated. One result was a negative politics that even rejected a popular president fresh from a decisive military victory with the slogan, "It's the economy, stupid!"
ARTICLES BY DATE
BUSINESS
June 4, 2011 | By Don Lee, Los Angeles Times
Still limping two years after officially emerging from the recession and buffeted by a new wave of bad news, the U.S. economy is struggling with problems that run far deeper than higher oil prices, the European debt crisis or auto industry slowdown stemming from the Japanese earthquake and tsunami. Serious as those problems are, what's crippling the job market and chilling recovery on almost every front is a confluence of factors that economists and business leaders say are fundamentally reshaping the economic landscape in which Americans live and work.
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BUSINESS
November 13, 2003 | David Streitfeld, Times Staff Writer
The economy roared last quarter, and so did Falcon Plastics Inc. A family-owned firm in the eastern South Dakota city of Brookings, Falcon posted record sales in September. Yet there's no impulse to celebrate, no rush to hire. The bad times are still too vivid. "We want to make sure that when we add someone, we won't have to turn around in three months and let them go," Falcon President Jay Bender said.
BUSINESS
December 4, 2010 | By Don Lee, Los Angeles Times
In a potentially serious setback for the U.S. economy, hiring unexpectedly stalled in November while the nation's unemployment rate jumped to 9.8%, reversing a pattern of slow but steady improvement in the prospects for American workers. The grim report released Friday by the Labor Department flew in the face of strong job growth in October and a slew of largely positive economic indicators in recent days. And it called into question the belief of most economists that the recovery from the worst recession in a generation was gaining momentum.
BUSINESS
March 10, 2004 | Don Lee, Times Staff Writer
For months, economists have been reassuring Americans that the employment market drought will soon end. With corporate profits surging and economic indicators improving, they said, it won't be long before there is a downpour of jobs. After all, history shows that strong economic growth is quickly followed by robust job creation. With this recovery, that still hasn't happened.
OPINION
November 7, 2009 | TIM RUTTEN
The great military historian John Keegan reminds readers of the old axiom that a general's worst fault "is to take counsel of his fears." On the other hand, while politics lends itself to martial metaphor, an elected official can fail when he does not make voters' anxieties his own. That's why the one-two punch of this week's election results and Friday's dismal unemployment numbers are a message that President Obama and other Democratic officeholders...
BUSINESS
August 24, 2003 | James Flanigan
Caterpillar Inc.'s heavy-duty construction equipment is used to move mounds of earth. Last week, tellingly, something else moved: the company's stock price. Anticipating a broad economic upturn, investors pushed shares of Peoria, Ill.-based Caterpillar to a record high. In nearby Moline, Ill., Deere & Co. also is enjoying a good year, with strong orders materializing for construction machinery and farm equipment.
BUSINESS
October 10, 2003 | From Reuters
The number of Americans filing initial claims for unemployment aid fell last week to its lowest level in eight months, the government said Thursday, fueling hopes that a job market recovery may finally be at hand. First-time filings for unemployment benefits fell 23,000 to 382,000 in the week ended Saturday from an upwardly revised 405,000 in the previous week, the Labor Department said.
BUSINESS
September 6, 2003 | Peter G. Gosselin, Times Staff Writer
U.S. employers defied expectations last month and eliminated a net 93,000 jobs, leaving the nation's unemployment rate stubbornly stuck above 6%, the Labor Department said Friday. The latest cuts, the steepest in five months, brought to 437,000 the net number of positions lost since the beginning of the year.
BUSINESS
July 2, 2009 | Don Lee
Even as the nation's economy begins clawing its way out of the worst recession in 60 years, there are growing signs that this recovery could come with an unsettling twist: The wheels of commerce may begin to turn again without any substantial boost in jobs. Not only is the national unemployment rate, now 9.4%, likely to climb into double digits later this year, but it is also expected to remain there well into 2010, economists say.
BUSINESS
August 14, 2010 | By Walter Hamilton and P.J. Huffstutter, Los Angeles Times
The U.S. economy and stock market ended one of the grimmer weeks of the year, as disappointing retail sales figures released Friday combined with other dismal data to heighten fears that the nation's nascent recovery is stalling. The retail report, which came only days after the Federal Reserve announced a new effort to prop up the economy, fueled growing concern that the U.S. is in danger of falling into a double-dip recession. Rising anxiety was apparent worldwide this week.
BUSINESS
November 24, 2009 | By Neil Irwin
WASHINGTON -- Top Federal Reserve officials expect unemployment to remain elevated for years to come, according to new projections released Tuesday, suggesting that the economic recovery will be too gradual to create rapid improvement in the job market. The unemployment rate will be in the 6.8 to 7.5 percent range at the end of 2012, according to forecasts of 17 top Fed officials, down from its 10.2 percent rate in October but still far above the 5 percent or so level typically seen in a healthy economy.
OPINION
November 7, 2009 | TIM RUTTEN
The great military historian John Keegan reminds readers of the old axiom that a general's worst fault "is to take counsel of his fears." On the other hand, while politics lends itself to martial metaphor, an elected official can fail when he does not make voters' anxieties his own. That's why the one-two punch of this week's election results and Friday's dismal unemployment numbers are a message that President Obama and other Democratic officeholders...
BUSINESS
July 2, 2009 | Don Lee
Even as the nation's economy begins clawing its way out of the worst recession in 60 years, there are growing signs that this recovery could come with an unsettling twist: The wheels of commerce may begin to turn again without any substantial boost in jobs. Not only is the national unemployment rate, now 9.4%, likely to climb into double digits later this year, but it is also expected to remain there well into 2010, economists say.
BUSINESS
March 10, 2004 | Don Lee, Times Staff Writer
For months, economists have been reassuring Americans that the employment market drought will soon end. With corporate profits surging and economic indicators improving, they said, it won't be long before there is a downpour of jobs. After all, history shows that strong economic growth is quickly followed by robust job creation. With this recovery, that still hasn't happened.
NATIONAL
January 10, 2004 | Mark Z. Barabak, Times Staff Writer
Democrats seized on Friday's middling job figures to press their attack on President Bush with renewed vigor, following weeks of impressive growth statistics that suggested the economy might be turning to his advantage. Democratic presidential candidate Dick Gephardt characterized as "nothing short of pitiful and pathetic" the report showing the U.S. economy added 1,000 jobs last month. "This is truly a jobless recovery," the Missouri congressman said.
BUSINESS
November 24, 2009 | By Neil Irwin
WASHINGTON -- Top Federal Reserve officials expect unemployment to remain elevated for years to come, according to new projections released Tuesday, suggesting that the economic recovery will be too gradual to create rapid improvement in the job market. The unemployment rate will be in the 6.8 to 7.5 percent range at the end of 2012, according to forecasts of 17 top Fed officials, down from its 10.2 percent rate in October but still far above the 5 percent or so level typically seen in a healthy economy.
BUSINESS
December 4, 2010 | By Don Lee, Los Angeles Times
In a potentially serious setback for the U.S. economy, hiring unexpectedly stalled in November while the nation's unemployment rate jumped to 9.8%, reversing a pattern of slow but steady improvement in the prospects for American workers. The grim report released Friday by the Labor Department flew in the face of strong job growth in October and a slew of largely positive economic indicators in recent days. And it called into question the belief of most economists that the recovery from the worst recession in a generation was gaining momentum.
BUSINESS
November 13, 2003 | David Streitfeld, Times Staff Writer
The economy roared last quarter, and so did Falcon Plastics Inc. A family-owned firm in the eastern South Dakota city of Brookings, Falcon posted record sales in September. Yet there's no impulse to celebrate, no rush to hire. The bad times are still too vivid. "We want to make sure that when we add someone, we won't have to turn around in three months and let them go," Falcon President Jay Bender said.
BUSINESS
October 10, 2003 | From Reuters
The number of Americans filing initial claims for unemployment aid fell last week to its lowest level in eight months, the government said Thursday, fueling hopes that a job market recovery may finally be at hand. First-time filings for unemployment benefits fell 23,000 to 382,000 in the week ended Saturday from an upwardly revised 405,000 in the previous week, the Labor Department said.
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